Major US stock indices are rallied in the hope that a controversial US presidential election will be avoided and a clear winner will be decided.
The stock index of Wall Street has opened higher on Tuesday – Election Day in the United States – and continues to rally as investors believe in the optimism that a clear winner will present from a particularly divisive US presidential election.
Around 11:00 am ET in New York, the Dow Jones index rose Industry more than 641 points or 2.38 percent at 27,566.19.
The S&P 500 Index – a measure of the health of US retirement and college savings accounts – rose 2.28 percent, while the tech-heavy Nasdaq Composite Index rose 2.29 percent.
After falling to a 5-week low last week, all three major stock indices kicked off November with Monday highs.
The CBOE volatility index, known as Wall Street̵7;s fear gauge, retreated for a second day after hitting a 20-week high last week on rising global coronavirus cases and tied anxiety that no Clear winners will emerge in the race for the Oval Office.
Stalls from New York to Los Angeles were up in the event of violence as polls were closed.
But Wall Street is looking at a half-cup full-electoral outcome scenario.
Economists at Goldman Sachs written by Jan Hatzius in a client note on Tuesday that “there is a good chance that the presidential election results will be clear on election night” because of the candidate General. Democrat Joe Biden leads narrowly polls in Arizona, Florida, Georgia, and North Carolina – all capable of reporting results quickly.
Goldman said: “The winner won any any of these would make President Trump difficult to achieve 270 electoral votes.
However, there may be no clear winner on Tuesday night or Wednesday morning, even if the number of votes prolonged or results are challenged.
Biden is ahead at national polls but the race in key states remains tight enough for President Donald Trump to ride to victory.
Nearly 100 million Americans voted early.
Trump was relying on a big turn out from his supporters on Tuesday.
“I think we will win,” Trump told Fox News on Tuesday. “I see it as a very solid chance to win here.”
In what surely will be a big week for Wall Street, all eyes will be elected Tuesday night and then policy meeting lasts two days of the Federal Reserve System and a monthly job report at the end this week.
Among the stocks that caught the spotlight on Tuesday:
Shares of Alibaba Group Holding, which owns about 1/3 Ant Group, fell 5.84% at around 11:00 am ET after China shocked the market by suspending listed blockbuster fintech giant on the Shanghai stock exchanges.
PayPal Holdings shares fell 0.49% after lower Q4 profit forecast.
And shares of Royal Caribbean Cruises Ltd rose 0.61 percent after the company said after Monday’s bell that it suspended cruises through later this year.